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A Look at How Wire Transfer Casinos Work and its History
Wire transfer is often provided as a means of payment on casino sites. It is available on Aspire casino sites as a standard deposit option. A wire transfer is basically a quick way to move money electronically. This is why it is so useful for online payments, but it can also be used for person to person transactions, from one bank account to another. The transaction is normally arranged and completed by a bank, but several non-banking institutions can also make these transactions. The most famous of these is probably Western Union.
The history of this service is quite a long one, dating from long before the internet was even thought of. Indeed, this is where the name “wire” transfer comes from. It dates from an era then the telegram was the fastest means of sending an urgent message, and banks relied on these telegraph wires to transfer funds in this way.
Western Union are in fact the company responsible for introducing the service in the first place, way back in 1872. The company used its new telegraph wires and network to enable people to send money across the United States electronically. Money that was deposited at a telegraph office could be “wired” to a second office and then paid out to the receiver. This revolutionary and convenient service was an immediate success. Within five years of the service’s introduction, well over $2 million dollars was being successfully transferred each year.
The security of the transaction was of course paramount, and this was assured by the use of code books and passwords. Today, we may not rely on code books, but in many ways little has changed over the last 150 years. Today we rely on passwords to undertake even the most basic actions on the internet, although I doubt they were too concerned with upper and lower case letters and special characters in 1872! In the modern world, extra layers of security are added to these transactions as the information contained in wire transfers is encrypted and transmitted securely through secure networks.
For players using wire transfers to fund their online gaming, the whole process can be arranged online via conventional online banking arrangements. In previous days (and still today if you prefer), customers could arrange this through their bank by providing the proposed recipient’s banking details and filling in a simple form at a bank branch or other service provider, such as Western Union or MoneyGram.
While the service is secure and relatively convenient, it is not cheap. There is always a fee to pay, so wire transfers tend to be used only for players who wish to make a large deposit. The fee is generally charged at a flat rate, regardless of the amount of money involved. This means that it is not really a cost effective way of transferring funds for low value transactions.
Wire transfers are not instant either: It will typically take at least 24 hours for funds to be available to the recipient. Nevertheless, the enhanced level of security involved in the use of this payment method means that many high spending players feel the fee and delay is worth it when transferring larger amounts of money.